Wales offers £200m to save £1.3bn Swansea tidal lagoon

Aaron Morby 1 month ago
Share

The Welsh Government has pledged to invest £200m in the Swansea Bay tidal lagoon project in an eleventh hour bid to salvage the £1.3bn scheme.

The offer comes amid rumours that the Government in Whitehall is preparing to announce it will not back the UK’s first major tidal lagoon power project because it fails to meet value for money targets.

Yesterday the Government announced it would save the £14bn Wylfa nuclear power station project with a public funding package of around £5bn, after builder Hitachi warned it would walk away from the Anglesey scheme unless risk was shared on the project.

The Swansea Bay renewable energy project was backed in January 2017 by a UK government-commissioned report published by former energy minister Charles Hendry.

This concluded that tidal lagoons could play a cost-effective role in the UK’s energy mix.

But the Government has delayed taking a decision amid serious concerns about value for money.

Keith Clarke, chairman, Tidal Lagoon (Swansea Bay), said: “Once again we thank the First Minister for his particularly timely initiative.

“We look forward to seeing the UK Government’s positive response to a proposed joint deal on these terms.

“The proposal for a joint deal with this structure is extremely constructive, we are eager to engage on it with all parties and it is a proposal we’d be delighted to take to our board.”

If it is built, the scheme would be the world’s first tidal lagoon power project providing electricity for around 155,000 homes and sustaining 2,200 construction jobs..

 

Latest news

Plans in for final phase of £1bn Chelsea Barracks scheme

Last phase includes 126 affordable homes, and separate sports and medical centres
41 mins ago

Joiners injured in temporary access platform collapse

Court hears how two workers plunged seven metres through unsafe platforms at hospital site
26 mins ago

Green light for £50m Portsmouth Uni sports centre

Sports hub is the first project in a £400m University upgrade plan
14 mins ago

Wates wins £161.5m Wembley resi blocks deal from Quintain

Latest deal is Wates largest ever award on a single site
3 days ago

Construction’s most considerate contractors win ultra site awards

Latest initiative rewards highest industry site standards and supply chain collaboration
37 mins ago

Boost your online presence – join the new Enquirer Directory

New site for suppliers and buyers will showcase their products, services and latest stories
2 months ago

Go-ahead for 37-storey Leeds student tower

Work to start before the end of this year on landmark student tower
3 days ago

Construction degrees come under fire from students

Students claim courses fail to prepare them for life in the industry
3 days ago

McAlpine to start £30m Manchester biomedical hub

Work to start in September on Citylabs 2.0 building project
4 days ago

Roofer in six metre plunge on to solid concrete floor

Court hears how worker suffered multiple fractures after plunge on refurbishment job
3 days ago

Cost of industry skills cards set to rise in September

CSCS leaders confirm 20% price rise per card to £36
4 days ago

£300m Bristol Uni campus approved

Work due to start on Temple Quarter Enterprise Campus early next year
3 days ago

Crossrail’s Sir Terry Morgan to lead HS2

Morgan replaces David Higgins as HS2 chairman next month
3 days ago

Shake-up in cladding fire tests to cut wait times

New testing service launched as current capacity swamped post-Grenfell
4 days ago

£25m A55 improvement scheme gets green light

Contractor to be named shortly for 2.2km stretch of the A55 at Abergwyngregyn
4 days ago

Galliford Try starts £43m central Birmingham resi job

Works starts on three blocks of luxury flats at Windmill Hill
4 days ago

Ex Carillion boss Howson blames Government for collapse

Former chief executive attacks public body payment practices
4 days ago

Winners named for £12bn Government FM framework

Forty seven firms including 10 SMEs bag public sector FM places
5 days ago

Buckingham Group hits record profits for fourth year

Business gears up for HS2 work and sport and leisure division expansion
4 days ago

Bid race for £50m new M11 Harlow junction

Junction and road improvements to allow further expansion of Harlow
4 days ago

Costain/Galliford Try to start £373m M1 upgrade next month

Firm to start delayed 23-mile smart motorway upgrade in Northamptonshire
4 days ago

Wates looking to work with new North West subcontractors

Wates Living Space and Constructionline hosting Manchester Meet the Buyer event: Register now
4 days ago

Gas fittings cost cutting put college students at risk

HSE probe finds cheaper fittings were used on Royal Veterinary College upgrade
4 days ago

Vinci confirmed for £75m Trafford Centre upgrade

Construction to start later this year on revamp on Manchester shopping centre
5 days ago

Skanska UK profits tumble as margin squeezed to 0.8%

Profit falls for second year running as revenue rises to £1.8bn
6 days ago

Green light for Cheesegrater 2 in City of London

56-storey skyscraper will be third tallest building in the Square Mile
6 days ago

Caledonian tops £300m ‘modular C’ schools framework

Partners revealed for ESFA secondary school replacement programme
5 days ago

Barratt ups annual completions by just 184 homes

Better than hoped central London sales help deliver record £835m profit
5 days ago

Interserve wins £15m Liverpool neonatal job

Work to start on 60-week contract in September
5 days ago

Plans in for £100m Liverpool marina resi scheme

More than 550 new waterfront homes planned at Brunswick Quay
5 days ago

Contractor services